National Roofing Legal Resource Center

Congress and the administration getting closer on tax reform

The White House and Republican leaders jointly released a framework of principles for tax reform legislation they hope to draft this fall. Key takeaways for NRCA members include lower rates for all types of businesses, permanence and "unprecedented" capital expensing. House Republicans agreed to remove the controversial border adjustment tax (BAT) contained in their blueprint plan after strong opposition from retailers and other business groups. This is notable given the BAT would have raised $1 trillion in revenue for the government over a decade, and its removal from the plan makes it more difficult to provide lower rates and full expensing of capital investments (including commercial roofs) in any tax plan that avoids increasing budget deficits. The White House has outlined an aggressive timetable for passage, calling for committee action in September and a signing ceremony with President Trump by December. Republican leaders seem determined to pass tax reform under the reconciliation process, which only requires a simple majority vote in the Senate. However, reconciliation can only be used if a budget resolution is passed, and that outcome is uncertain as House conservatives oppose the current budget plan. NRCA continues working with key lawmakers to advocate for pro-growth tax policy that is beneficial to the roofing industry.


8/30/2017



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